New York Life acquires minority ownership stake in Fairview Capital
New York Life has acquired a minority ownership stake in Fairview Capital, a venture capital and private equity investment management firm.
The firm, which is minority-owned and has $10 billion in assets under management, invests on behalf of institutional investors, including public and private pension plans, foundations, and endowments.
As part of New York Life’s initial $1 billion impact investment initiative to help bridge the racial wealth gap by investing in underserved and undercapitalized communities, the company has committed $200 million to Fairview since 2021. Through the collaboration, New York Life made a variety of commitments into diverse and emerging fund managers that each support dozens of businesses, resulting in several hundred businesses impacted overall. Fairview’s Dr. Morse also serves on New York Life’s Impact Advisory Board which helps inform the company’s ongoing impact investment strategy.
This alliance marks a major inflection point for Fairview, as this partnership with New York Life further solidifies the firm’s continued leadership and longevity in the market. The majority ownership in the firm will continue to reside with the Fairview team, which, in addition to Co-founders JoAnn Price and Larry Morse, includes Managing Partners Kola Olofinboba, Alan Mattamana and Aakar Vachhani, and Partner Kwesi Quaye.
“New York Life and Fairview are very much aligned in terms of our shared core values and missions to build and sustain meaningful economic outcomes over the long term while also generating positive investment returns for clients. Our investment is a testament to our long-standing relationship and Fairview’s established and storied track record. This investment will support the Fairview team in furthering their growth and evolution as pioneers in the industry.” – Tony Malloy, Executive Vice President and Chief Investment Officer at New York Life.
“New York Life’s partnership and capital will create even more opportunities for Fairview. This includes accelerating our growth and expanding our investing with the industry’s foremost venture capital firms, along with the leading diverse and emerging fund managers.” – Fairview Co-Founder Larry Morse.
“We will also continue to build on our commitment to transforming business and culture in the venture capital and private equity industry as we work to unlock additional value for our investors.” – Fairview Co-Founder JoAnn Price.
